Illinois bank closed, FDIC named receiver

MikeMaynard

WASHINGTON (MarketWatch) -- The Federal Deposit Insurance Corp. has been named receiver for Heritage Community Bank of Glenwood, Ill., which has been closed by Illinois banking regulators. The FDIC announced the move late Friday, saying it entered into a purchase and assumption agreement with Chicago-based MB Financial Bank covering all of the deposits of Heritage Community, whose four offices were to reopen as branches of MB Financial Bank on Saturday. As of Dec. 5, 2008, Heritage Community had total assets of $232.9 million and total deposits of $218.6 million. In addition to assuming all of the deposits of the failed bank, MB Financial Bank agreed to buy about $230.5 million in assets at a discount of $14.5 million. The FDIC said it will retain the remaining assets for later disposition.

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